Ardelyx price target raised to $3 from $1.60 at Cantor Fitzgerald

Cantor Fitzgerald analyst Louise Chen raised the firm’s price target on Ardelyx to $3 from $1.60 and keeps a Neutral rating on the shares after the FDA granted the appeal to the Complete Response Letter for Xphozah. This is "clearly good news for the company," Chen tells investors in a research note. However, the analyst remains on the sidelines pending greater earnings visibility in 2023 and beyond.